By Susanna Moon
Chicago, Dec. 11 - Morgan Stanley priced $10.53 million of contingent income autocallable securities due Dec. 11, 2014 linked to the Freeport-McMoRan Copper & Gold Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.1% if the stock closes at or above its 75% barrier level on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial level on any of the first three determination dates.
The payout at maturity will be par plus the final contingent coupon unless the stock finishes below the 75% barrier level, in which case investors will receive a number of Freeport-McMoRan shares equal to par of $10.00 divided by the initial share price.
Morgan Stanley & Co. LLC is the agent.
Issuer: | Morgan Stanley
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Issue: | Contingent income autocallable securities
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Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
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Amount: | $10,531,430
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Maturity: | Dec. 11, 2014
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Coupon: | 10.1% annualized for each quarter that shares close at or above barrier level on quarterly determination date
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Price: | Par
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Payout at maturity: | Par plus any contingent coupon unless stock finishes below barrier level, in which case 0.29197 Freeport-McMoRan shares
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Call: | At par plus the contingent coupon if stock closes at or above the initial level on any of first three review dates
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Initial level: | $34.25
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Barrier level: | $25.688, 75% of initial level
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Pricing date: | Dec. 6
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Settlement date: | Dec. 11
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Agent: | Morgan Stanley & Co. LLC
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Fees: | 1.5%
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Cusip: | 61762W687
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